Add to ORKGStandard (S,s) models of lumpy investment allow us to match many aspects of the micro data, but it is well known that the implied interest rate sensitivity of investment is unrealistically large. The monetary transmission mechanism is therefore a particularly clean experiment to assess the macroeconomic relevance of any investment theory. Our results show that lumpy investment can coexist with a realistic monetary transmission mechanism, but that we are nevertheless still a step away from a micro-founded theory of monetary policy
This paper provides new evidence on the channels of monetary policy transmission combining 9 million...
We study liquidity effects and cost channels within a model of nominal rigidities and imperfect comp...
Monetary policy affects both intertemporal consumption choices and portfolio choices between liquid ...
Standard (S,s) models of lumpy investment allow us to match many aspects of the micro data, but it i...
Once New Keynesian (NK) theory (see, e.g., Woodford 2003) is combined with a standard model of inves...
Abstract: The lumpy nature of plant-level investment is generally not taken into account in the cont...
The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increa...
Microeconomic lumpiness matters for macroeconomics. According to our DSGE model, it explains roughly...
The macroeconomic implications of firms’ lumpy investment behavior are subject to ongoing research....
VAR analysis of monetary shocks suggest that an unanticipated, positive money shocks cause a drop in...
This paper assesses the importance of heterogeneity in household portfolios for the transmission of ...
The monetary transmission mechanism in a New-Keynesian model with contemporary features is put to sc...
This paper provides new evidence on the channels of monetary policy transmission combining 9 million...
We study liquidity effects and cost channels within a model of nominal rigidities and imperfect comp...
Monetary policy affects both intertemporal consumption choices and portfolio choices between liquid ...
Standard (S,s) models of lumpy investment allow us to match many aspects of the micro data, but it i...
Once New Keynesian (NK) theory (see, e.g., Woodford 2003) is combined with a standard model of inves...
Abstract: The lumpy nature of plant-level investment is generally not taken into account in the cont...
The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increa...
Microeconomic lumpiness matters for macroeconomics. According to our DSGE model, it explains roughly...
The macroeconomic implications of firms’ lumpy investment behavior are subject to ongoing research....
VAR analysis of monetary shocks suggest that an unanticipated, positive money shocks cause a drop in...
This paper assesses the importance of heterogeneity in household portfolios for the transmission of ...
The monetary transmission mechanism in a New-Keynesian model with contemporary features is put to sc...
This paper provides new evidence on the channels of monetary policy transmission combining 9 million...
We study liquidity effects and cost channels within a model of nominal rigidities and imperfect comp...
Monetary policy affects both intertemporal consumption choices and portfolio choices between liquid ...